This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Deal: Europe Slips, Asian Stocks Fall on Lack of Chinese Reforms

LONDON (The Deal) -- European and Asian stocks fell on Wednesday, with Asia dragged lower on disappointment about the outcome of a Chinese government economic planning meeting.

In London, the FTSE was down 0.83% at 6,671.71, while in Frankfurt the DAX slipped 0.21% to 9,057.51. In Paris, the CAC 40 was down 0.34% at 4,249.45.

In the U.K., the pound strengthened after the number of claimants for jobless benefit fell more than expected in September. The third-quarter jobless rate declined to 7.6% -- the Bank of England has pinned its next rate rise, with various provisos, to unemployment falling to 7% or below.

In the eurozone, September industrial output fell by an above-forecast 0.5% from August.

Must Read: The Deal: European Stocks Fall as Dollar Rises

Across the continent, lenders including HSBC (HBC), Barclays (BCS), Royal Bank of Scotland (RBS)and Lloyds Banking (LYG) in the U.K., Societe Generale and BNP Paribas in France, and Commerzbank and Deutsche Bank (DB - Get Report) in Germany declined.

German pay-TV company ProSiebenSat.1 Media fell after Kohlberg Kravis Roberts & Co. and Permira sold about 1.1 billion euros ($1.5 billion) of shares, or a 16% holding. The buyout firms, which retain a 17% stake, sold the stock at 31.53 euros apiece. The shares by late morning in Frankfurt were down 2.7% at 31.87 euros.

The Hang Seng and mainland Chinese indices dropped as an opaque government statement following a four-day Communist Party economic planning meeting was short on detail and radical reforms. Investors had been hoping for liberalizing measures amid concern about slowing Chinese growth.

The Hang Seng closed down 1.91% at 22,463.83. In Tokyo, the Nikkei 225 dropped 0.15% to 14,567.16.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HBC $0.00 0.00%
DB $18.96 -2.57%
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs